Morgan Stanley Downgrades Genworth Financial to Underweight (GNW)
Genworth Financial (NYSE:GNW) was downgraded by research analysts at Morgan Stanley from an “equal weight” rating to an “underweight” rating in a report released on Monday. They currently have a $18.00 price target on the stock. Morgan Stanley’s price objective would suggest a potential upside of 2.04% from the stock’s previous close.
The analysts wrote, “Genworth remains a turn‐around story, where its fundamental improvement revolves around improved MI profitability, pushing through price increases in LTC, and completing the partial IPO of its Australian operations. In our view, these catalysts are already fully reflected in the valuation.”
Shares of Genworth Financial (NYSE:GNW) opened at 17.64 on Monday. Genworth Financial has a 52-week low of $10.10 and a 52-week high of $18.74. The stock’s 50-day moving average is $17.50 and its 200-day moving average is $16.0. The company has a market cap of $8.754 billion and a price-to-earnings ratio of 13.72.
Genworth Financial (NYSE:GNW) last announced its earnings results on Tuesday, April 29th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.04. The company had revenue of $2.32 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same quarter in the previous year, the company posted $0.21 earnings per share. The company’s revenue for the quarter was up .8% on a year-over-year basis. On average, analysts predict that Genworth Financial will post $1.48 earnings per share for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Compass Point reiterated a “buy” rating on shares of Genworth Financial in a research note on Thursday, May 1st. They now have a $23.00 price target on the stock. Separately, analysts at Scotiabank reiterated a “sector outperform” rating on shares of Genworth Financial in a research note on Wednesday, April 30th. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Genworth Financial in a research note on Wednesday, April 30th. They now have a $18.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. Genworth Financial currently has a consensus rating of “Hold” and a consensus target price of $17.64.
Genworth Financial, Inc (NYSE:GNW) is a financial security company.
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